Yep, you have got it pretty much right.
Case is feature less for the price, would get a Zalman Z9+ instead.
Mobo, CPU is good.
GPU is old now and is easily outclassed by other cards. Look at a HD7850 or GTX660 instead.
RAM is good, though with tall heatfins. This will become an issue if you install an aftermarket heatsink to overclock (which you can on this hardware btw). Would look at getting a low profile kit like the G.Skill Ares or Vengeance LP.
PSU is good, if bare in features.
HDD is also good, though look at Seagate Barracuda's. They are often cheaper and slightly outperform Caviar Blacks.
Optical is meh, no one uses discs anymore so performance here doesnt matter.